Crypto whales moved hundreds of millions of dollars worth of Tether (USDT) on and off exchanges over the weekend as Bitcoin soared to its highest prices in more than a month.
BTC is trading at $38,286.06 at time of writing but at one point had surged to a high of $42,628.50 over the weekend, according to CoinGecko.
On Sunday, an unknown wallet pulled more than $153.14 million worth of USDT off of the lending platform Compound (COMP) in three separate transactions, according to the crypto tracker Whale Alert. Ethereum blockchain explorer Etherscan shows that the entity behind the wallet is deep-pocketed crypto holder, shuffling hundreds of millions worth of USDT in and out of Compound.
Additionally, four separate unknown wallets sent more than $221 million worth of the dollar-pegged stablecoin to crypto exchanges over the weekend.
Despite these big moves, however, popular crypto trader and analyst Michaël van de Poppe tells his 361,300 Twitter followers that the Bitcoin Stablecoin Supply Ration (SSR) remains low.
SSR measures the ratio between the Bitcoin supply and stablecoin supply. According to the blockchain analytics firm Glassnode, a low SSR indicates that stablecoins in circulation have more buying power to purchase BTC.
Explains Van de Poppe,
“The Bitcoin: Stablecoin Supply Ratio (SSR) is still at rock bottom. Meaning that there’s tons of liquidity on the sidelines ready to be pushed into the markets. A big run is still upon us.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/spainter_vfx/Elzza